Quarterly report pursuant to Section 13 or 15(d)

Revenue

v3.24.2.u1
Revenue
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
The following table presents the Company’s disaggregated revenue by offering type (in thousands):
  Three Months Ended
June 30,
  2024 2023
 
Total Net
Revenues
Percentage of
Total Net
Revenues
Total Net
Revenues
Percentage of
Total Net
Revenues
Patient Services revenue recognized at a point in time:
Direct products $ 730  2.2  % $ 578  1.8  %
Third-Party Payer products 3,695  11.0  % 3,365  10.6  %
Patient Services revenue recognized over time:
Direct rental services 1,928  5.7  % 1,865  5.9  %
Third-Party Payer rental services 11,889  35.3  % 10,889  34.3  %
Total Patient Services accounted for under ASC 606 18,242  54.1  % 16,697  52.6  %
Device Solutions revenue recognized at a point in time:
Products 3,943  11.7  % 3,866  12.2  %
Services
 2,457  7.3  % 2,459  7.7  %
Device Solutions revenue recognized over time:
Services
 2,040  6.1  % 1,499  4.7  %
Total Device Solutions accounted for under ASC 606 8,440  25.0  % 7,824  24.7  %
Total Revenue Accounted for under ASC 606 26,682  79.2  % 24,521  77.3  %
Patient Services lease revenue
 2,004  5.9  % 2,622  8.3  %
Device Solutions lease revenue
 5,012  14.9  % 4,592  14.5  %
Total Revenue accounted for under ASC 842, Leases 7,016  20.8  % 7,214  22.7  %
Total Net Revenue $ 33,698  100.0  % $ 31,735 100.0  %
  Six Months Ended
June 30,
  2024 2023
 
Total Net
Revenues
Percentage of
Total Net
Revenues
Total Net
Revenues
Percentage of
Total Net
Revenues
Patient Services revenue recognized at a point in time:
Direct products $ 1,345  2.0  % $ 1,157  1.9  %
Third-Party Payer products 7,267  11.1  % 6,773  10.9  %
Patient Services revenue recognized over time:
Direct rental services 3,800  5.8  % 3,734  6.0  %
Third-Party Payer rental services 22,866  34.8  % 21,910  35.3  %
Total Patient Services accounted for under ASC 606 35,278  53.7  % 33,574  54.1  %
Device Solutions revenue recognized at a point in time:
Products 8,155  12.4  % 7,606  12.2  %
Services 4,867  7.4  % 5,035  8.1  %
Device Solutions revenue recognized over time:
Services 4,009  6.1  % 2,272  3.7  %
Total Device Solutions accounted for under ASC 606 17,031  25.9  % 14,913  24.0  %
Total Revenue Accounted for under ASC 606 52,309  79.6  % 48,487  78.1  %
Patient Services Lease Revenue 3,559  5.4  % 4,519  7.3  %
Device Solutions Lease Revenue 9,825  15.0  % 9,099  14.7  %
Total Revenue accounted for under ASC 842, Leases 13,384  20.4  % 13,618  21.9  %
Total Net Revenue $ 65,693  100.0  % $ 62,105 100.0  %
Contract Balances
(dollars in thousands)
As of June 30, 2024
As of December 31, 2023
 $ Change
Accounts receivable, net $ 21,325  $ 19,830  $ 1,495 
Contract assets $ 1,271  $ 1,271  $ — 
There was no change in the balance for contract assets during the six months ended June 30, 2024. The activity related to the contract assets during the six months ended June 30, 2024 included $5.6 million of revenue recognized for which the payment is subject to conditions other than the passage of time, which was fully offset by $5.6 million of contract assets reclassified to accounts receivable as our right to consideration for these contract assets became unconditional. Contract assets are included in other current assets on the Company's Condensed Consolidated Balance Sheets.